Solar panels in Spain. Author: Jordi Domènech i Arnau. License: Creative Commons, Attribution-ShareAlike 2.0 Generic.
Independent solar power producer Sonnedix Power Holdings Ltd has completed a non-recourse refinancing of 18.17 MWp of solar power plants in Spain, part of its portfolio in the country.
The EUR 74 million (USD 87.9m) refinancing included fixed rate project bonds, Sonnedix, which is majority owned by institutional investors advised by JP Morgan Asset Management, said on Friday. The deal was conducted under the existing joint venture with Q-Energy, which manages the Vela Energy portfolio.
CaixaBank and Deutsche Bank acted as global coordinators, mandated lead arrangers and bookrunners for the issue. The financing came from Bridge, which is managed by Edmond de Rothschild and infrastructure debt funds run by La Banque Postale Asset Management, while BNP Paribas Trust Corp UK Ltd acted as trustee.
Sonnedix said the refinancing is a key milestone, given its growing presence in Spain over the past 12 months. The company wrapped up the purchase of the 136-MWp Vela solar portfolio in Spain from alternative investment management firm Centerbridge Partners LP in April. More recently it acquired 22 MWp of solar parks in the country from a fund managed by UK investment firm Impax Asset Management Group Plc (LON:IPX).